The government is set to publish its spending plan and the Office for Budget Responsibility (OBR) forecast for the economy on 31 October. 

On 23 September, chancellor Kwasi Kwarteng set out how the government would fulfil its commitment to cut taxes for people and businesses and announced wider supply-side policies to grow the economy.

At the time of the announcement, the medium-term fiscal plan and the OBR forecast were initially scheduled for 23 November. 

However, a letter received by the chair of the Treasury Select Committee Mel Stride from Kwarteng confirmed the new forecast date almost three weeks earlier. 

In a tweet, Stride says: “If this lands well with markets then Monetary Policy Committee (MPC) meeting on 3 November may result in smaller rise in interest rates. Critical to millions of mortgage holders.”

The chancellor’s announcement of new stamp duty cuts received a mixed reaction from the mortgage market with some suggesting it is one of the chancellor’s “crowd-pleasing tricks” while others suggest he “swung his axe boldly”.

In the days following the statement, a range of large and small lenders pulled all or part of their residential and buy-to-let loans.

Moneyfacts revealed that on Tuesday this week a record 935 home loans were withdrawn from the market, more than double the previous highest fall of 462 products on 1 April 2020 at the start of the pandemic lockdowns.

Meanwhile, Twenty7Tec said that the total number of mortgage products on its system stood at 7,356 on 30 September, down from 15,196 on 1 October last year, a decrease of 51.6%.

Indeed, some lenders have already relaunched previously withdrawn products. 

Last week, Accord Mortgages reintroduced a range of fixed rate residential mortgage products following a temporary withdrawal from the market.

Clydesdale Bank also reintroduced a number of residential and buy-to-let products, following withdrawal the previous week.

Elsewhere, HSBC cut rate for existing residential switching customers and current residential customers who want to borrow more by up to 40 basis points.